Did you know experts predict the global blockchain market will grow to $60 billion by 2024? Or that 90 percent of European and North American banks have experimented with blockchain? The financial sector continues to boast the most blockchain trials and implementations of all global industries.
The blockchain industry has exploded in recent years, and so has its sister tech, cryptocurrency. As countless central banks worldwide explore issuing central bank digital currencies, expect to see cryptocurrencies continue to rise in prominence.
We can also expect to see cryptocurrency exchanges continue to grow in popularity. In this Bexplus review, we'll take a look at one such crypto exchange. Here's what you need to know about this global crypto derivatives trading platform and whether it's right for you.
What Is Bexplus?
Before we delve into the nitty-gritty of Bexplus's pros and cons, we need to understand what this global crypto derivatives trading platform is and what it offers customers. Bexplus got its start in late 2017 based in Hong Kong as a crypto futures exchange.
Registered in the Grenadines and Saint Vincent, Bexplus has offices in the US, Brazil, Japan, and Singapore. It offers Ethereum (ETH), Bitcoin (BTC), and Litecoin perpetual contracts with 100x leverage.
That means users can make a hundredfold more profit than they would through another exchange. Its rising popularity also means that Bexplus continues to expand globally.
Bexplus permits customers to dabble in trading with a demo account before staking collateral on a trading strategy.
What else can you expect from Bexplus? This exchange comes with a high level of privacy. It offers a 100 percent welcome bonus, 100 percent interest-bearing wallet, and a convenient customer services desk.
Bexplus Exchange: Background and History
The Bexplus team comprises seasoned blockchain experts and individuals with substantial experience as internet professionals and in the financial sector.
Licensed by the Grenadines Financial Services Authority and Saint Vincent (SVGFSA), Bexplus emphasizes customer privacy. As a result, individuals from all over the world (including the US) may sign up.
Of course, this focus on anonymity comes with its own set of risks. The general lack of strict regulation means the exchange's funds aren't insured. As a result, customers have no guarantees should the worst arise and a malicious event occur.
The anonymity that comes with using Bexplus also means no account tiers. Instead, all users have the same level of access. They're also subject to the same rules and fees.
You can sign up and start trading in a matter of minutes with Bexplus. Bear in mind that crypto derivatives trading remains illegal in some jurisdictions. So, you must check with your tax or legal advisor before beginning to trade on the platform.
Key Features of Bexplus Exchange
Unlike some exchanges that dabble in many different features, Bexplus remains squarely focused on its role as a margin trading platform. This emphasis on sticking to its niche has had an essential impact on the company's key features.
Bexplus offers an interest-bearing wallet permitting you to earn upwards of 30 percent extra annualized income. This feature is available to all active traders owning more than a set amount.
One of the features that attracts consumers remains Bexplus's promise of a 100 percent welcome bonus. This 100 percent welcome bonus applies to your first deposit of up to ten Bitcoin (BTC). It typifies Bexplus's more relaxed approach to trading with greater potential for profits.
Another feature that captivates many individuals new to the exchange is its demo trading account. This demo account permits you to learn about the platform without having to stake any of your money. Use this demo mode to hone your trading strategy and enjoy risk-free trading of up to ten Bitcoin (BTC).
Bexplus: Mobile Apps and Interfaces
What else do you need to know about this cryptocurrency trading platform? Bexplus comes with a fully functional mobile app.
This app permits you to turn on notifications so that you never miss an update regarding your investments and trades. Having access to up-to-the-minute information proves especially vital considering the volatile nature of cryptos.
The platform boasts a sleek interface and offers easy-to-understand, straightforward guides. These guides cover everything from withdrawals to the ins and outs of deposits. Finally, you'll enjoy a high level of privacy with Bexplus, including no Know Your Customer (KYC) checks.
What to Know About Bexplus Fees
Remember that all transactions and fees in Bexplus must get settled in Bitcoin (BTC). That said, these fees remain relatively low, particularly in contrast to more heavily regulated margin trading platforms.
What do fees look like when using Bexplus? You'll get charged on every transaction, including 0.075 percent on Bitcoin (BTC) deals and USDT pairings. For Ethereum (ETH), you'll pay 0.151 percent and 0.193 percent for Litecoin (LTC).
If you're transacting in Ripple (XRP) or EOS, expect fees of 0.195 percent. These fees remain the same for makers and takers. When overnight financing proves necessary, you'll also get charged an additional 0.1 percent in loan interest.
How about withdrawal fees? Bexplus charges 0.0005 BTC on deposit and withdrawal fees. These also include a BTC transaction fee. As for deposits to Bexplus, no fees apply except for the network fee.
Once you've opened a position, if your account reaches the margin rate of 30 percent or less, forced liquidation will occur. What's more, when your position's profit hits a net 85 percent of the account value, corresponding positions will immediately close.
Bexplus Exchange: A Word to the Wise
Before we go any further with this review of Bexplus, we must address some online claims swirling around the company. While user reviews of the exchange remain few and far between, some of them have tarnished the company's online reputation.
These user reviews include claims that you stand to lose a lot of money while using the Bexplus platform. Is there any truth to these allegations? Users must understand that the platform is largely unregulated.
As a result, the potential for losing money is genuine, and you won't find safety nets if you make a bad trade or don't understand what you're doing. That said, there have not been widespread user complaints about Bexplus frauds or scams. This goes for so-called exit scams, too.
The bottom line? Proceed at your own risk with any crypto exchange. But we suggest leaving Bexplus to more experienced crypto traders.
After all, wonderful exchange options abound for beginners and less experienced traders. Sure, they don't offer leverage as high as Bexplus. But they also come with less risk.
Frequently Asked Questions About Bexplus
We've taken a close look at what Bexplus is, the features it offers customers, and why beginners might want to steer clear of this exchange. We've also delved into the fees you can expect with the company. With this knowledge in mind, let's explore the company's most frequently asked questions.
How Do You Register Through the Mobile App?
Signing up for a Bexplus account through the website is as simple as verifying your email address and creating a password. But how does this compare to the process of signing up through the app? Here's what you need to know.
Bexplus permits users to register via email. To do this, you'll need to download the app and click on the "Account" button. From there, you'll select "Sign Up." You'll enter your email address in the registration interface and receive a verification code.
Fill in the verification code and enter a password. Then, click "Sign Up" to receive a verification code in your email inbox. After you've completed this registration process, log into your account and start trading BTC futures using the app's trading simulator.
What Should You Know About the Invitation Code?
After you've registered an account, you may fill in the invitation code if you've received one. You may also share this code with your friends and family.
What does this code do? After the invitee fills it in, the person who gave them the code will receive between 10 and 50 percent of the invitee's total Bitcoin exchange deposit as a referral incentive.
After completing the process, both the inviter and invitee gain access to Bexplus trading privileges. After that, the transaction fee gets decreased by 10 percent.
Referral funds get issued to accounts, and you may check the total number of invitees on the promotion page. You may also contact customer support to keep track of your total commissions once you start handing out the invitation code.
If you decide to go this route, make sure you emphasize the importance of inputting the code correctly to friends and family. Bexplus isn't responsible for any incorrect, missing, or repeated invitation code submissions.
How Do You Use the Bexplus Wallet?
To begin using your wallet via the Bexplus crypto exchange, click on the "Deposit" tab. From there, head to "Trading Account," where you can transfer funds into your wallet account. Note that the exchange calculates the value of Bitcoin in your wallet daily.
What Are the Differences Between a Trading and Wallet Account?
Think of your crypto trading wallet as nothing more than Bitcoin storage. You can't access these funds for trading until you have them withdrawn to your trading account. To trade, click on "Trading Account" and then transfer funds from your wallet.
Pros & Cons of Bexplus
- Well-featured mobile app
- Interest-bearing wallet
- 100 percent welcome bonus
- No forced Know Your Customer (KYC) verification
- Demo trading account
- 100x leverage
- Deposits and withdrawals only in Bitcoin (BTC)
- Limited pairings
- Unregulated platform
- Lack of user reviews
Should these cons of the platform make you steer clear of using it? Not necessarily. But remember that with more potential for earnings comes greater risk.
And let's get one thing clear. You will take on substantially more risk with Bexplus. But if you know what you're doing, 100x leverage comes with tremendous rewards.
Still not sure about Bexplus? See how it compares to other cryptocurrency exchange options.
Bexplus Review: The Takeaway
What's the final word when it comes to this Bexplus review? The platform comes with many advantages and the potential to make a pretty profit. But individuals who are inexperienced with crypto trading should start elsewhere.
That said, if you've got your crypto trading "sea legs" and feel comfortable with Bitcoin margin trading, then consider Bexplus.
To come to a definitive conclusion about the exchange's utility, do your research so that you understand what other platforms offer. Not sure where to start? Check out our comprehensive reviews of the best crypto exchanges on the market today.